Podcast Summary: The Moth – Josh Axelrad: Lucky Ladies

Episode Details:

• Title: Lucky Ladies
• Host/Author: The Moth
• Speaker: Josh Axelrad
• Release Date: January 6, 2015

Introduction

In this gripping episode of The Moth, former professional blackjack player Josh Axelrad shares his tumultuous journey through the highs and lows of gambling. Axelrad's narrative delves deep into the allure of casino life, the pitfalls of addiction, and the desperate quest for redemption.

Background in Professional Gambling

Initial Foray into Blackjack Josh begins by recounting his life as a professional blackjack player and card counter. He describes how he was mentored by a group of sophisticated and successful individuals who taught him the nuances of card counting—a method that allows players to gain a statistical edge over casinos.

"I was a card counter, which is a legitimate, mathematically valid method for winning at the casino game, blackjack."
— Josh Axelrad [03:30]

The Thrill of Team Play He highlights the camaraderie and collective excitement of winning as part of a team, where profits are shared, fostering a sense of community and shared purpose.

"We share our winnings, and so you distribute a $5,000 strap here or a $10,000 strap there, and everybody gathers around ecstatic."
— Josh Axelrad [05:10]

Descent into Poker and Financial Losses

Transition to Poker and Procrastination After several successful years, Axelrad attempts to transition by writing a memoir. However, procrastination leads him to online poker, a game he lacks the expertise in, resulting in significant financial losses.

"I played poker badly, and I managed to lose a couple thousand dollars. And I became upset that I had lost a couple thousand dollars. And so I proceeded to lose $10,000 out of anger."
— Josh Axelrad [09:45]

Psychological Decline This period marks a downward spiral, where Josh's gambling habits exacerbate his financial woes, leading to depression and isolation from his former supportive circle.

"I became surrounded not by these extraordinary mentors that I used to have around me, but by these other people who were strangers..."
— Josh Axelrad [12:00]

Recovery and New Beginnings in Seattle

Leaving the Gambling Life Behind Determined to break free from his destructive patterns, Josh publishes his memoir and secures a freelance job. He relocates to Seattle, embracing a more tranquil and contemplative lifestyle, practicing Buddhistic meditation to achieve equanimity.

"Seattle is... a good place for the state of mind that I was entering. I would simply walk and contemplate evergreen trees."
— Josh Axelrad [14:20]

Return to Gambling: The Temptation of "Lucky Ladies"

Encountering Mini Casinos Despite his efforts to stay clean, Axelrad finds himself drawn back to gambling through mini casinos in Washington state. These smaller establishments often present unique opportunities for advantage players due to procedural vulnerabilities.

"Small, independently operated places with low betting limits... are often sources of unusual value for card counters."
— Josh Axelrad [16:00]

Discovery of the "Lucky Ladies" Side Bet At a new casino, Josh encounters the "Lucky Ladies" side bet—a wager that pays out 100 to 1 when dealt two queen of hearts. Recognizing the potential, he employs his card sequencing skills to maximize his advantage.

"The lucky lady side bet, you placed it right next to your blackjack bet. And if you were dealt a queen of hearts on top of another queen of hearts, the bet would pay off at 100 to 1."
— Josh Axelrad [18:30]

The Big Win and Its Aftermath

Executing the Perfect Play Leveraging his expertise, Josh places substantial bets on the "Lucky Ladies" side bet. His strategy pays off when two queens of hearts are dealt consecutively, resulting in a massive win of $30,000.

"I placed two bets, table maximum, at this place, it was $300 on two consecutive lucky lady squares... I had just won... $30,000."
— Josh Axelrad [22:15]

Immediate Paranoia and Flight The sudden influx of cash triggers intense paranoia. Josh narrates the overwhelming fear of being followed, leading him to flee the scene swiftly and strategically to avoid detection.

"I felt this tingling, this sense of paranoia verging on terror. And I kept looking back in the rearview mirror... Is everything going to be alright?"
— Josh Axelrad [24:50]

Conclusion

Josh Axelrad's story is a compelling exploration of the thin line between control and chaos in the world of gambling. His experience underscores the seductive nature of high-stakes games and the profound psychological impact they can have on an individual's life.

Notable Quotes with Timestamps

• "I was a card counter, which is a legitimate, mathematically valid method for winning at the casino game, blackjack."
  — Josh Axelrad [03:30]

• "We share our winnings, and so you distribute a $5,000 strap here or a $10,000 strap there, and everybody gathers around ecstatic."
  — Josh Axelrad [05:10]

• "I played poker badly, and I managed to lose a couple thousand dollars. And I became upset that I had lost a couple thousand dollars. And so I proceeded to lose $10,000 out of anger."
  — Josh Axelrad [09:45]

• "Seattle is... a good place for the state of mind that I was entering. I would simply walk and contemplate evergreen trees."
  — Josh Axelrad [14:20]

• "The lucky lady side bet, you placed it right next to your blackjack bet. And if you were dealt a queen of hearts on top of another queen of hearts, the bet would pay off at 100 to 1."
  — Josh Axelrad [18:30]

• "I felt this tingling, this sense of paranoia verging on terror. And I kept looking back in the rearview mirror... Is everything going to be alright?"
  — Josh Axelrad [24:50]

Final Thoughts

Josh Axelrad's "Lucky Ladies" is a vivid portrayal of the seductive pull of gambling and the personal battles fought within its glare. His honest and raw storytelling offers listeners a deep dive into the complexities of addiction, recovery, and the perpetual quest for stability.